- Gold made another Pin bar that tested supporting zone today
- The whole structure shows that Gold is still in trading range
- Buy low when price breaks High today or make some retracement to its Fibo 38-50%
- Target at 61.8% of previous bearish impulse leg
- Comment +1 if you make profit
waiting for retracement, from yesterdays analysis we needed it to close under yesterdays low but it didnt! instead made a double bottom and broke yesterdays high for a bullish run now we are looking for a retracement to get back in with the buyers so we will wait and see.
This butterfly pattern seats in a pretty comfortable support and resistance zone with a somewhat visible ascending head and shoulder formation. So I have picked my entry points as you can see but remember to watch the fundamentals.
Here are the fundamental factors to keep in mind on Gold:
-Australian ANZ Job Advertisements
-Australian TD Securities...
As i tried to warn the Gold's bulls about this ''fake rally'' at my previous article now it's good time to start to search for a reversal area.
Gold as most metals are still in a bear market.From the long-term view on gold we can undesrtand that after the 5 wave structure of the 5 Elliott waves we can are in a A-B-C correction waves as mentioned in previous...
XAUUSD rallied up after FOMC news and i will be
defo looking for bearish bias like this!
XAUUSD will meet strong resistance, 61,8% fibo PRZ, demand zone
(not drawn) and previous trendline retest.
I only made an area, where I will looking or shorts (not demand zone)
Wait for PRICE ACTION before sell!
Don't forget to trade with proper RM/MM and caution.
This is only a trading capability - no recommendation !!!
Next week i`ll confirm or change my opinion about this SetUp :)
Buying/Selling or even only watching is always your own responsibility ...